Hangzhou promotes investment opportunities in UK

Xihu district, an urban district in Hangzhou, the capital of east China's Zhejiang province, held a promotional event on Thursday in London to promote its investment opportunities to businesses in the United Kingdom.

More than 60 representatives from political and business communities of both China and the UK were present.

Dong Yumin, party secretary of Xihu district, made the opening remarks. He introduced attendees to the investment environment and development priorities of the district, and also the long-term connection between Hangzhou and London.

Dong said Xihu district is a place of profound historical culture with beautiful natural landscapes, as represented by Xihu, or the West Lake, a UNESCO World Heritage site.

The United Nation's cultural and scientific agency describes the West Lake as an "idealized fusion between humans and nature", with numerous temples, pagodas, pavilions, gardens, trees, and artificial islands, which has inspired famous poets, scholars, and artists since the 9th century.

Xihu district is not only a place full of scents of flowers, Dong highlighted, but also a place whose economic development is led by innovation.

"Innovation is the inner DNA of Xihu district. We always focus on the integration of science and technology innovation, cloud innovation, and cultural innovation.

"In particular, the digital economy represented by financial technology is second to none. We have a number of enterprises, such as Ant Financial and Alipay," said Dong.

According to the government of Xihu district, the area, as a provincial pilot zone for digital economy innovation, also for cultural and tourism industry integration, has realized a GDP of $28 billion in 2022 with an average year-on-year growth rate over the past five years of 6.3 percent.

"Although the world is apart, we are still under the same sky," said Dong, "the connection between Hangzhou and London goes back to ancient times. Since the 17th century, two places have conducted exchanges across time and space through the Maritime Silk Road."

"In September this year, Hangzhou will be holding the 19th Asian Games. I invited all of you from London to come to Hangzhou."

Fang Wenjian, chairman of the China Chamber of Commerce in the UK and general manager of Bank of China's London Branch, said Xihu district and the UK share a common interest in their priority areas for growth.

"Xihu district and the UK have their own unique industrial characteristics and resources in the field of financial services, digital economy, and cultural creativity. So, the two places have broad cooperation potential and prospects.

"We believe that with the joint efforts on both sides, more projects will be carried out in the future, which will be beneficial for the development of China and UK relations," said Fang.

John McLean, chair of the China UK Business Development Center, said he believed that there are many business opportunities that can be further explored between the UK and Xihu district, especially given the UK focuses on becoming a global Britain.

"Despite not seeing each other in nearly three years, the trade between China and the UK has bolstered and totaled 111 billion pounds ($136 billion) in 2022, which represents a 17 billion pounds ($21 billion) increase compared to 2021, in other words, an 18 percent increase year on year.

"It is now the time for the UK to reenergize the engagement with China and positively progress the bilateral relationship," McLean emphasized.